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Mauna Kea Technologies (OTCQX:MKEAY) has announced a strategic realignment to boost operating efficiency and extend its cash runway. This includes a focus on high-potential applications of its Cellvizio® platform in interventional pulmonology and molecular imaging. Robert Gershon has resigned as CEO, with Nicolas Bouvier appointed as Interim CEO. The board aims to enhance capital efficiency and support ongoing clinical programs, emphasizing the company's unique imaging capabilities to meet clinician and shareholder needs.
Focus on high-potential clinical applications of Cellvizio.
Interim CEO has significant experience in human capital management.
Negative
CEO resignation may create instability during the transition.
Company to focus resources on robotic assisted interventional pulmonology and molecular imaging
Nicolas Bouvier, member of the Executive Committee, appointed as Interim CEO
PARIS & BOSTON--(BUSINESS WIRE)--
Regulatory News:
Mauna Kea Technologies (Paris:MKEA) (OTCQX:MKEAY) (Euronext: MKEA) inventor of Cellvizio®, the multidisciplinary probe and needle-based confocal laser endomicroscopy (p/nCLE) platform, announced a realignment of the organization designed to improve operating efficiency, increase the company’s cash runway, and focus resources on Cellvizio’s highest potential clinical applications, including interventional pulmonology and molecular imaging.
Effective immediately, Robert Gershon has resigned as Chief Executive Officer and has stepped down as a member of the Board of Directors. Nicolas Bouvier, a member of the Executive Committee since 2019, will serve as Interim Chief Executive Officer while the Board begins an external search for a permanent CEO. Before joining Mauna Kea, Mr. Bouvier spent 10 years at Novartis Oncology and Sandoz in a series of senior human capital management roles.
“The Board of Directors of Mauna Kea Technologies recognizes its responsibility to create value while being effective stewards of capital,” stated Sacha Loiseau, Ph.D., Founder and Chairman of the Board of Directors of Mauna Kea Technologies. “We thank Rob for his contributions during his 3-year tenure and wish him well.”
The strategic realignment announced today targets a more capital-efficient operating model, ensures the completion of previously announced clinical programs in endoluminal robotics and bronchoscopic systems, and supports gastroenterologists using Cellvizio to deliver patient care.
Molly O’Neil, board member and chair of the Audit and Compliance Committee added, “We are very fortunate to have a talented executive team with the experience and passion to lead Mauna Kea to its fullest potential. We look forward to supporting Nicolas in his interim role.”
Sacha Loiseau concluded, “With its broad regulatory clearances, unrivaled clinical evidence and unique imaging capabilities, Cellvizio has the capacity to enhance robotic and navigation platforms, deliver on the promise of molecular imaging, and support advanced therapeutic treatments. The Mauna Kea Board believes this realignment will enable Mauna Kea to better meet the needs of its clinicians, employees, and shareholders.”
About Mauna Kea Technologies
Mauna Kea Technologies is a global medical device company that manufactures and sells Cellvizio®, the real-time in vivo cellular imaging platform. This technology uniquely delivers in vivo cellular visualization which enables physicians to monitor the progression of disease over time, assess point-in-time reactions as they happen in real time, classify indeterminate areas of concern, and guide surgical interventions. The Cellvizio platform is used globally across a wide range of medical specialties and is making a transformative change in the way physicians diagnose and treat patients. For more information, visit www.maunakeatech.com.
Disclaimer
This press release contains forward-looking statements concerning Mauna Kea Technologies and its activities. All statements other than statements of historical fact included in this press release, including, without limitation, those regarding Mauna Kea Technologies’ financial condition, business, strategies, plans and objectives of management for future operations are forward-looking statements. Such forward looking statements are based on assumptions that Mauna Kea Technologies considers to be reasonable. However, there can be no assurance that the anticipated events contained in such forward-looking statements will occur. Forward- looking statements are subject to numerous risks and uncertainties, including the risks set forth in Chapter 3 of the 2020 Universal Registration Document of Mauna Kea Technologies registered by the French Financial Markets Authority (Autorité des marchés financiers (AMF)) on June 17, 2021 under number D-21-0566 and the amendment to the 2020 Universal Registration Document filed with the AMF on September 17, 2021, which are both available on the Company's website (www.maunakeatech.com), and risks relating the economic situation, financial markets, and the markets in which Mauna Kea Technologies operates. The forward-looking statements contained in this release are also subject to risks unknown to Mauna Kea Technologies or that Mauna Kea Technologies does not consider material at this time. The realization of all or part of these risks could lead to actual results, financial conditions, performances or achievements by Mauna Kea Technologies that differ significantly from the results, financial conditions, performances or achievements expressed in such forward-looking statements. This press release and the information it contains do not constitute an offer to sell or to subscribe for, or a solicitation of an order to purchase or subscribe for, Mauna Kea Technologies shares in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction. The distribution of this document may, in certain jurisdictions, be restricted by local regulations. Persons who come into possession of this document are required to observe all applicable local regulations relating to this document.
What changes has Mauna Kea Technologies announced for MKEAY?
Mauna Kea Technologies is realigning its operations to enhance efficiency and extend its cash runway, focusing more on interventional pulmonology and molecular imaging.
Who is the new Interim CEO of Mauna Kea Technologies?
Nicolas Bouvier has been appointed as Interim CEO following the resignation of Robert Gershon.
What is the focus of Mauna Kea Technologies' strategy moving forward?
The company will concentrate on high-potential applications of its Cellvizio platform in interventional pulmonology and molecular imaging.
How will these changes affect Mauna Kea Technologies' stock MKEAY?
The changes aim to improve operational efficiency and extend financial stability, which could positively influence investor sentiment.
What is the background of Nicolas Bouvier, the Interim CEO of MKEAY?
Nicolas Bouvier has over 10 years of experience in senior human capital management roles at Novartis Oncology and Sandoz.
